the cbo will weigh in on this. you remember 2009 and how the cbo affected the writing of the affordable care act? i know it drove the white house crazy. what happens if the cbo says it doesn't add up to the spending in the bipartisan framework? anita dunn: the bipartisan group of united states senators put together and they feel comfortable, is going to be enough to pay for this. let me point out infrastructure and a lot of the expenditures are traditional investments. if you are company, you would be taking this off of your annual books and been it into your capital budget. these are long-term investments. they are not stimulus. the ones that were agreed upon and the context of the larger plan. i think the group of senators and the president felt confident. ryan lizza: let's talk a little bit about the bill. there's a big difference right now between what the president has proposed and what the senate budget committee led by bernie sanders is writing. probably the biggest difference is over the medicare provisions

and the cbo is going to say, no. go pay for something else.orning. we appreciate your reporting. >>> still ahead here, we're going to take a look at this year's historic list of nominations. and the historic steps that the white house is taking to convince young people to get vaccinated. "way too early" back in just a moment. ♪ downy's been taking you back, since way back. with freshness and softness you never forget feel the difference with downy. age before beauty? why not both? visibly diminish wrinkled skin in... crepe corrector lotion... only from gold bond. do you struggle with occasional nerve aches in your hands or feet? try nervivenerve relief from the world's #1 selling nerve care company. nervive contains alpha lipoic acid to relieve occasional nerve aches, weakness and discomfort. try nervivenerve relief. ♪♪ if you have moderate to severe psoriasis... or psoriatic arthritis, little things, can become your big moment. that's why there's otezla. otezla is not an injection or a cream... ...it's a pill that treats differently. for psor

you remember 2009 and how the cbo affected the writing of the affordable care act. i know it drove the white house crazy sometimes. what happens if the cbo says the pay-fors don't add up to the spending in the bipartisan framework? ms. dunn: no, ryan, these are pay-fors that a bipartisan group of senators put together and that they feel comfortable are going to be enough to pay for this plan. let me point out that infrastructure in particular and a lot of the expenditures in this plan are investments. they're like capital investments. if you were a company, you'd be taking this off of your annual books and putting it into your capital budget, right, since these are long-term investments. they're not stimulus. pay forwards are the ones agreed upon and in the context of the larger plan, i think the group of senators felt comfortable that these were real pay fors and that we're moving ahead on that assumption. ryan: let's talk about the reconciliation bill. two questions there. one, there's a big difference right now between what the president has proposed and what the

the ceo -- the cbo thinks less. that's a big issue.e some others in their which may not work in cbo rules. they could come out and say we believe our score more than cbo. that is what happened when the republicans passed their tax package and the cbo said attitude trillion to the debt. mitch mcconnell said we think it will reduce the deficit and pay for itself. it's going to be interesting to see if they hold firm to this idea of not increasing the deficit with the cbo score. if you look at most of the bipartisan deals, quite a few of them just increase the deficit. the covid packages that they did last year, they did not try to figure out a way to pay for them. they said here's another 500 billion. the numbers they are talking about, while they are big, they are not truly gigantic. 500 billion over eight years is about 1% of what the federal government spends over eight years. you could probably find a way to pay for that package if you spend enough time on it. guest: as a long-time congressional and i should say white house or order,

i think that cbo score, i highlight it, the cbo is important.re that it's paid for, it's not just a gimmick. in today's inflationary federal spending is sky rocketing. in today's spending, inflation world, we don't need to be priming the economy with a infrastructure bill. we need infrastructure but it's not about stimulating the economy. the demand is there and the prices are going up. while there's a couple of proposals for a pay for, one of the things that we shouldn't take off the table is this bill doesn't -- you talked about it, this bill is paid for in part by using unspent covid relief packages. what it doesn't do is include the american recovery act in january, the $1.9 trillion. the unspent money is off limits for that. if we're looking for a pay for, i couldn't think of a better one. >> and a third of that is yet to be spent. >> thanks, senator. jerry moran of kansas. i don't know if you heard about a big fear go ago broad is the russians and news that they have these hypersonic missiles and now the russians are upset that we're upset

at the time, the cbo revised their projections down. the american rescue plan is strengthening our financial position and it grows our economy. in the strength of area economy is helping us flip the script. instead of workers competing with each other, employers are competing to attract workers. that kind of competition doesn't just give the ability to earn higher wages, but also the ability to demand dignity and respect in the workplace. more jobs, better wages. put simply, our economy is on the move and we have covid-19 on the run. we have more work to do to get america vaccinated and everybody back to work. we are aiming for full employment and that means keeping pace for jobs growth for black and hispanic workers but this progress is testament to our commitment to grow this economy. the american rescue plan provide resources to get shots in arms and checks in pockets. schools were struggling so we made vaccinations for teachers a priority. in march, we headed 364,000 education jobs. small businesses and restaurants are getting crush

fall back to 2% employment will continue to improve and surpass its prepandemic level according to the cbo. the jobless rate will remain at or below 4% for several years. the deficit expected to hit $3 trillion this year triple the amount in 2019 and it represents 13.4% of gdp, the second largest amount since world war ii 2020 was the record. now through 2031 the deficit is forecast to average $1.2 trillion a year. tyler, back over to you. >> thank you very much, ylan >>> crude climbing more than 50% so far this year economic growth fueling at least some of that $75 a barrel today for the first time since 2018. but opec sending mixed signals on what could come next. let's bring in brian sullivan now for more hi, brian. >>> ty, i have a question for you. i have good news and bad news for you, which one do you take first? >> bad news. >> you take the bad news all right. tyler is not there, i'll give you the bad news first the bad news is looks like no decision now lots of reports about the opec meeting being adjourned, maybe not delayed. it's late there. it's 9:00 p.m. in riyadh it's a virtu

the cbo is already warning of inflation going up. what's going on here?it's really hard to believe. even the well-respected economists from the democratic party, larry summers and jason berman and steve -- i can't remember steve's last name, not rap pa if port if, but -- rappaport, but it's close to that, they're all saying these policies are discouraging people from working. i think they say being insane is doing the same thing over again expecting the same result x they keep doing the same thing over give andment expecting a different result. these job numbers are a great example. we had terrible job creation in april and may after the jobless bonus, the federal bonus started for people who don't work, and then 25 the republican governors said we're not going to do this anymore, it's hurting people, it's stopping people from going back to work. all of a sudden job creation goes up not because of biden's policies, but despite them, and they're still trying to attribute this increase rather than to the 25 governors cutting off the unemployment bonus, to s

the cbo in particular doubled its projected growth for 2021 from 3.7% to 7.4%. if we achieve that growth in that range, it would be the highest in nearly four years. notably, the cbo not only increased its projections but projected downward where unemployment will be next year and downwardly revised its projections for tenure deficits. it's growth estimate increased and projections for future deficits as a share of our economy came down from where was projecting in february. on the imf front, projections of growth at 7% for the u.s. economy and we are at the fastest pace in a generation. also this week, we saw the oecd region agreement with 130 countries endorsing a global minimum tax of at least 15%. says bennett priority for president biden and our economic strategy from the beginning of this administration to try to galvanize the global effort to actually and the race to the bottom on taxes and to encourage multinational companies to invest and compete on quality and price and not the effectiveness of the be able to strip profits into low tax jurisdictions. t

the cbo in particular doubled its projected growth for 2021 from 3.7% to 7.4%. if we achieve that growth in that range, it would be the highest in nearly four years. notably, the cbo not only increased its projections but projected downward where unemployment will be next year and downwardly revised its projections for tenure deficits. it's growth estimate increased and projections for future deficits as a share of our economy came down from where was projecting in february. on the imf front, projections of growth at 7% for the u.s. economy and we are at the fastest pace in a generation. also this week, we saw the oecd region agreement with 130 countries endorsing a global minimum tax of at least 15%. says bennett priority for president biden and our economic strategy from the beginning of this administration to try to galvanize the global effort to actually and the race to the bottom on taxes and to encourage multinational companies to invest and compete on quality and price and not the effectiveness of the be able to strip profits into low tax jurisdictions. t

. >> as they wait for a cbo score and the pay force and people like senators manchin and sinema say it's got to be paid for and they'll be being looking at the fine print, how do you explain the economic impact and the growth factors to the economy of getting this done? >> so, look, we issued a report yesterday from time's up where we put back the better plan through the economic analysis and we showed that in the first year alone, 1.6 million new jobs will get created and that nearly 3 million workers especially women who are excluded from the workforce because of caregiving will come back into the workforce and when you have that kind of growth, economic growth, right? we are going to see them increase tax revenues and increase economic stimulus activity and these investments will actually pay for themselves and i would suggest over time. that's what the business leaders told secretary raymundo this morning and when they have made investments in their own companies in care giving they see the returns right away and if we invest as a government, i would submit we will see the payoff. we

elizabeth: bring in former cbo director douglas holtz-eakin.chumer and democrats are talking about more government spending as a magical inflation fighter. listen to this. president biden says he doesn't know anyone who thinks inflation is a problem. watch this. >> i don't know anybody including larry summers who is a friend of mine who is worried about inflation, is suggesting there is any long-term march here if we do the things we're going to do. we will in fact reduce inflation, reduce inflation, reduce inflation. because we're going to be providing good opportunities and jobs for people who in fact are going to be reinvesting that money back into all the things we're talking about, driving down prices, not raising prices. elizabeth: all right. just because you say it doesn't make it so. let's show larry summers yeah, inflation is a problem. show larry summers. show robert reuben. show warren buffett b jason furman all all say inflation is a problem. how is it a government money printing and government spending does not create inflation? ca

cbo estimates it to be 28. what is your revenue estimate on capital gains? >> congressman let me see if we have the exact number and we will get that to you before the end of the hearing or after the hearing. >> okay thank you for they would assume you would want to be moving a tax increase. otherwise it would be a punitive measure. i just wanted to comment on the capitol gains in new york state and the impact in some of the concerns i have. new york state and what we are seeing here with a 39.6 plus the medicare add-on which is about 43.4 but new york state has a capital gains as well so we are well over 50%, 54% to be exact in new york state which would be our capital gains rate and that if you look at new york city which we are so dependent on as far as revenue we are close to 50% because new york city has a capital gains impact. my real concern here is during covid we had a significant accident with people in new york city, i know we have a record of 32,000 people changed driver -- we are very dependent on the revenue generated for new york and very conc

cbo estimates it to ravenous-ing revenue maximizing rate to be 20. what is your revenue estimate on capital gains? >> congressman, let me see if anyone from the team has the exact number, but we will get that to you before the end of the hearing or after the hearing. >> okay. thank you. i would assume you would not want to be losing money on a tax increase. otherwise it would just be viewed as a punitive measure. i just wanted to comment on the capital gains in new york state and the impact and some of the concerns i have. new york state, what we are seeing here with the 39.6 plus the medicare out on which is about 43.4, but new york state has a capital gains as well so we are well over 50% -- 54% to be exact in new york state which would be our capital gains rate. then if you look at new york city, which we are so dependent on as far as revenue, we are close to 58% because new york city has a capital gains impact. my real concern here is that during covid we had a significant exodus of people out of new york city. 100,000 people change their address

we have so much technology, but we still don't know who is responsible for leoni mendez is a cbo, just from the federal university of rio grande. you do not see she's researching the impact of the oil catastrophe on the coast. i just don't like it, but all the oil is still here exerting its influence, even in the places where it's no longer visible the device over time, the particles get smaller and smaller and can be absorbed by the ecosystem. i, sam, by plants and animals. the leon, the mendez and her assistant regularly collect carl samples to these sensitive creatures have also been contaminated and they see a long term damage bank. plenty a job. we profit in so many areas from natural resources. what we lack is a good plan about how to use them without irrevocably exploiting them. we have to protect resources at the same time, find a balance between youth and conservation bank they viewed the plan is to the 1000 kilometer further south. the beach also looks clean again despite the recent order. this is the tomato project in by here, which is dedicated to the protection of theater,

in germany, for example, doctors aren't allowed to give patient surplus cbo without their knowledge, though they can take what are called open labeled marion, you know, was given a placebo in addition to painkillers. the research had told her that the pill contained no active ingredients, yet it had an effect. none the less i have the feeling it was getting better at times. but the intensity of the pain decrease. and i started wondering whether it really was just good to see, but let's see what an experience confirmed by the steady test objects you knew they were taking placebo felt less pain. but how is that possible. busy not to question research is can still speculate on cargo van many illnesses get back around that all come and go. and then it has the fun part of the close to study and get pain really fast. and then of course, i'm going to link the to see by treatment actually off the personal mouth and turn fuels. my positive expectation for the rest of the study, a lot of food and vital. it's a theory, but we don't fully understand the question about time. this is me. what is c

so to say, against cbo writes, so it's also a new development in something which has been dev locked in the last years. and it's also, it's also we will hear it. maybe it's also interesting, interesting. european union has these time, was this time much more faster to react, done in the past, in, in which what hungary did. okay, well we'll go so boundary get in, in brussels in just a moment just the tensions that it can be, no doubt about it. running high between the hungarian government of victor or the prime minister and the european union leaders over the controversial new law in hungary. widely described as an anti l g b t q law. here are some impressions of what has been going on. it was an unusual display of fellow dirty before the international magic and hungry. many driven fans waved the rainbow flag representing their support for the l. g. b t q community entire stadiums were also supposed to shine colorfully infallibility at the european championship. but it was prohibited by the u. e. s. a fat. by contrast, hungary fans for almost aggressive and their support for their tea

senator portman said he has been in touch with the white house and the cbo and with other senators thatre part of his bipartisan infrastructure deal. like you say, there is chaos. chuck schumer wants to go with the procedural motion to get the wheels working in order to get this on the floor on wednesday. they still do not have a deal. they have not sparred away how they will pay -- squared away how they will pay for the bipartisan infrastructure deal. tom: i do not know if you have seen this. 10 minutes ago, the conservative democrats are in absolute revolt. does the senate majority leader have an understanding that a quarter or a third of the democratic party is just saying, wait a minute, we have to get reelected? >> it has been quite out there and vocal under the press. senator joe manchin has said i have not seen a single document yet. how do you expect me to give my blessing for this to go ahead? this procedural stuff. they would be debating this legislation. this is what some of the holdup is. the senate moderates, the democrat moderates are saying we will go for the partisan inf

>> yeah, it may not be paid for the reason that d cbo scores.that's about $50 billion that's not being spent. we're going to apply that to this infrastructure package. that's real money that's not being spent teas been allocated for covid response. cbo may not give us credit, but it's real money that's not being spent that's already been allocated. so if you look at it in a commonsense way, yeah, they paid for it, so, we feel good about that. because the infrastructure. we need it. it's good for our country and i think it will pay for itself in addition to the way that we're paying for it. neil: senator, maybe you can help me about how congress does things in general in the senate and house because nonator what you do in the senate, even if you come up with a bipartisan plan acceptable to everyone, i guess the sense from nancy pelosi, she won't even consider it if that backup is-- it's hardly a backup measure to her, the so-called infrastructure plan isn't also wrapped up. the devil is in the details and sequence of voting, but she could stop th

the congressional budget office, cbo corps of hl-2468 2467 was indeterminant. stating its administrative cost for the federal government of $280 million, but it is impossible to know how it impacts federal spending. no matter how well intends tds, well meaning this bill may be, its impacts are broad, unknown, and depend on things congress hasn't yet established and must think through. the end block amendment does not improve this bill and i oppose it and urge others to do the same. i yield back. >> after lawmakers debated the bill to give the environmental protection agency oversight over toxic pfas also known as forever chemicals, members voted and passed the bill 241 to 182. the bill will now be sent to senate lawmakers to debate. you can watch live gavel to gavel coverage of the house here on c-span. >>> tuesday morning, u.s. capitol and d.c. police officers testify at the first hearing of the house special committee created to investigate the january 6th attack on the u.s. capitol. live coverage starts at 9:30 a.m. eastern on c-span3. on line at c-span.org

the cbo last week said it expects extraordinary measures available to the treasury department like temporarily withholding federal bonds from federal retirement accounts, giving congress time to act before the government runs out of money. tunisia's president has fired his prime minister and suspended parliament, a move that threatens to do you really surviving democracy to have emerged from the arab spring. the president took action after largely young people demonstrated in the capital and other cities, falling for the fall of the government and railing against hardships caused by the coronavirus pandemic. global news 24 hours a day, on-air, and on bloomberg quicktake, powered by more than 2700 journalists and analysts in over 120 countries. i'm ed ludlow. this is bloomberg. matt: it is 1:00 in new york, 6:00 in london, 1:00 a.m. in hong kong. welcome to bloomberg markets. here are the top stories we are following on the bloomberg and from around the world. we bring you the latest on the plunge in u.s. listed chinese stocks and an update on the stalemate in u.s.-china relations. president bi

in germany, for example, doctors aren't allowed to give patient surplus cbo without their knowledge, though they can take what are called open label with the marion clean it was given a placebo. in addition to painkillers, the research is told her that the pill contained no active ingredients. yet it had an effect. none the less i have the feeling it was getting better at the time to deal with the intensity of the pain decrease. yeah, and i started wondering whether it really was just good to see, but let's see what an experience confirmed by the steady test subjects you knew they were taking placebo felt less pain. but how is that possible. busy not to question researchers can still speculate on feeling cargo van of mental illnesses get back around that all come and go, and then it gets to the close to study and get pain really. and then of course, i'm going to link the to see by treatment that took off the personal math in turn fuels my positive expectation for the rest of the study, a lot of food and vital. it's a theory, but we don't fully understand the question about crushed on

that's also the view of every forecaster, the fed, the cbo, and the folks here. what is critical about the report this morning is longer-term expectations remain solidly anchored below 3%. >> that is true and it has come down, it is below the highs we have seen recently, the long-term expectations. however, there is nervousness. how do you argue, even the white house, the former treasury secretary larry summers visited it this week, the idea that this is transitory, and that extra stimulus is important to get over the other hump to prevent inflation from taking hold? >> we have a lot of people who are going to be chatting about the stuff from the outside. down here, we are keeping our heads down and hang attention to the policies the president has set out to pursue, and the ongoing boom this president's actions, particularly in the rescue plan, have triggered. let's not lose a site that we have a 3 million jobs since this president took office, unappointed claims down by 55%. we have the levels down to pre-pandemic rates. we have a forecast for gdp this year nort

time is running short as the cbo is putting an end date on treasury's use of extraordinary measures of october or november. >> does this sound like we've seen this movie before y ylan, thank you very much. >>> tesla's own charging network give it a huge advantage over its rivals why is it now sharing that network with other ev manufacturers and cars a wall street firm calls boeing its top reopening play will others agree? as we head to a break, some reit stocks sometimes, you want speedy but reliable. state-of-the-art but dependable. in other words, you want a hybrid. so do telcos. that's why they're going hybrid with ibm. a hybrid cloud approach with watson ai helps them roll out new innovations anywhere without losing speed. from telco to transportation, businesses are going with a smarter hybrid cloud, using the tools, platform and expertise of ibm. good work little buddy. ♪ ♪ ♪ hey, it's good to see you. the company we've trusted to keep us working remotely, is the same company we'll trust to bring us back together. cisco. the bridge to possible. and there you have it - wireless on

he has a cbo score he can complain about and other things on process.first step is not guaranteed. that's the easy part, the budget resolution. it doesn't have the details in it. and the final reconciliation bill. if you think about it, democrats have 10, 12k years of pent-up things that much mcconnell has successfully blocked. every group out there that has something they want to do, on immigration, on the environment, on health care, on pre-k, all of these things, this is your one shot. the thing is, nobody really knows, including joe manchin, how much he will go through the key hole. this could extend three, four months, before they get the final package through. >> that's the important scheduling thing we established with chairman yarmouth tonight. this is not happening before the august recess. there's so much to do. jonathan alter, steven dennis, thank you for being with us. >> thanks. >>> we'll be right back. wright brothers? more like, yeah right, brothers! get outta here! it's not crazy. it's a scramble. just crack an egg. [swords clashing] - h

victory but nancy pelosi is doubling down "bridgerton" a house budget drink a member jason smith former cbo director douglas pope a deacon dr. ben carson congressman andy harris former police officer phillip halloway congresswoman maria salazar in the top public safety officer for texas lieutenant christopher olivera. wewe also have this a surprising admission from president biden about jobless benefits not really working so well. also senate minority leader mitch mcconnell playing hardball saying republicans in the senate will not vote to raise the debt ceiling because of the democrats massive spending telling democrats to have to go to loan. that could rock the markets plus more cities and counties now moving on masks -- mask mandates and 46 states look to get rid of their governors of the pandemic emergency powers in an escalating war of words between dr. fauci and senator rand paul is getting worse that they will show you even more rare video surfacing that appears to back up senator rand paul. is dr. fauci playing with fire on this research questioning who tis doing oversight of china

the cbo agrees, the fed agrees. jerome powell is a republican. he agrees. republicans are out with political pom poms cheering like it's 1979. politically they want inflation because they want to have a reagan like victory. that is not happening. none of didn't caters are there. look at the bond markets -- >> sandra: are they cheering or acknowledging the numbers on the screen in clearly price spikes happening -- >> lites talk about that. the price of lumber is down 60%. the used car index is down. indicators all over the place this is temporary. we absolutely need an investment in infrastructure over the long-term that will create ten -- millions of jobs and careers and construction and broad band access and the green economy. just because you have, you know, the price of groceries goes up doesn't mean that you don't fix your leaky roof. in america, our house has a leaky roof. we need the infrastructure bill and the help with elder came. women need the child care help. we've seep the impact. child care tax credits are going out to millions of working famil

republicans said they don't accept any more pay for, this irs enforcement proposal, te said basically the cbossional budget office was not going to come back and say they could assume $100 billion from this proposal. they don't know how much it will bring in so they said that is out of the question. but look it is $100 billion of a $1 trillion plan. as you said, if there is a will there is a way. there was talks over the weekend. rob portman from ohios that put up other changes to changes for prescription drugs in terms of medicare and negotiating going on behind the scenes about that. but look, it is one piece of a larger package. and so if people want an excuse to walk away, perhaps they could use this as one. but we've seen both sides work, you know, very hard at this for two months and president biden is going to be out there any minute talking about this bipartisan product that he wants to pass. and so, you if they let this be the hangup, this might tell you again perhaps they'd rather have the talking points than the actual policy win. >> great reporting as always. thank you very much.

we also have the cbo score and making sure the numbers are accurate, they have to be analyzed.ges, it's about roads, it's about ports, airports, waterways, broadband. so this is real infrastructure, that's why there is some interest on both sides to try to get something done. but this is a far cry from this different bill that is three and a half trillion dollars. many have analyzed that pelosi special and said it's actually much bigger than that, it's going to create the entitlements. they are going to be lasting for generations. i think the real price tag of that other bill is probably closer to $5 trillion or $6 trillion. >> charles: i've read as much, too. new entitlements and never be able to get rid of. if you thought free money was tough then, wait until you get more free money. it's pretty expensive, for sure. senator, we really appreciate it. we'll be watching your vote tonight. meanwhile, who needs uncle sam digging is deeply or in the bed with student bailouts on top of everything else? walmart has a solution that could save all taxpayers a lot of green. we debate, y

there are questions if the math will add up, and what the cbo score of the final bill will be. after the first failed try by senator schumer to pressure republicans to move forward on a bill mostly unwritten, the group says they're making progress. so the plan is for another do-over on monday. bipartisan negotiators think they can work out a deal over the weekend and be red to move forward on monday. liz? elizabeth: hillary, thank you so much. it is good to see you. let's get a quick check of your money. dow, s&p, nasdaq all up after the one day route that began the work. unexpected earnings from dow members coke and johnson & johnson bullish sentiment from wall street. now senator ron johnson. always good to have you on. senate strategy here is backfiring. even house moderates don't like it. what do you say? >> liz, reminds a whole lot of nancy pelosi's famous statement we have to pass the bill before we determine what is in it. in this case we have vote for the bill before anybody knows what it is in it. it is obvious shouldn't have been voted on. we shouldn't have cloture. w

at the time, the cbo revised their long run deficit projections down as a share of gdp, they just havetion and it grows our economy. it is continued to grow our economy. and the strength of our recovery is helping us flip the script. instead of workers competing with each other for jobs that are scarce, employers are competing to attract workers. that kind of competition in the market doesn't just give workers more ability to earn higher wages, they could be treated with dignity and respect not workplace. more jobs, better wages. that is a good combination. put simply, our economy is on the move. and we have covid on the the run. yes, we have more work to do. to get america vaccinateds and everybody back to work. we're aiming for full employment and in a means keeping our pay our job growth for black, asian and hispanic workers. but this is testament to our commitment to grow the economy from the bottom up and the middle out. the american rescue plan provided resources to get shofts in people's arms, and checks in people's pockets. schools, schools are struggling to reopen. so we made

at the time the cbo revised their long-run deficit projections down as the share of gdp, as they havethe american rescue plan is strengthening our financial position and it grows our economy. it is continuing to grow our economy. the strength of our recovery is helping us flip the script. instead of workers competing with each other for jobs that are scarce, employers are competing with each other to attract workers. that kind of competition in the market doesn't just give workers more ability to earn higher wages. it also gives them the power to demand to be treated with dignity and respect in the workplace. more jobs, better wages. that is a good combination. put simply, our economy is on the move, and we have covid-19 on the run. yes, we have more work to do good america vaccinated and everyone back to work. we are aiming for full employment. that means keeping our pace on jobs growth, and glidden for black, hispanic, and asian workers. at progress is testament to our commitment to grow this economy from the bottom up in the middle out. the american rescue plan provided resources t

they don't even legislative text yet and they're waiting for a cbo report to score this bill and concernedre hearing the moderate republicans who agree to this framework sort of saying i'm not sure any more. so i think that is going to be the big question of the week, can they do that, can they land it and it is tbd at this point. >> i've described this before as whack-a-mole. to get an inch on one part of it and then on the other part you take two steps backwards. so how is the white house looking at this and are they fine with what schumer has said up, as rachel said, this vote that seems pretty aggressive in terms of timeline on wednesday? >> they seem to be at least publicly willing to say congress will manage this the way they want. the leaders over there could do whatever they want to do. they're in close contact with chuck schumer and chuck schumer would not surprise them. that is just not the way this relationship would work. but i've actually described it as you're on a tight wire spinning plates because there are so many different elements here. and at any moment, one of those pl

board, but as they start hearing how much money the $3.5 trillion is, and more importantly, what the cbo will score some of the things, and that i think will be some consternation. >> michael, the same republicans want to go back to their home states and say we put together a bipartisan deal, we want to fix roads and bridges, but we couldn't come to agreement on all of the human infrastructure stuff. that's what republicans want to happen. what does the white house want to happen? obviously there's a lot of big stuff here. what are their biggest priorities, the president's? >> the story of the biden administration as relates to legislative agenda is constantly minding the high-wire act when they have the slimmest of majorities in the house and no margin for error in the senate. you heard lee ann lay it out. it was progressives that expressed support for the package. the white house knows we're minding votes of joe manchin, kyrsten sinema and others to the last minute. that's why the white house is trying to create momentum behind this. senate leaders announced this deal tuesday. the pres

and when it comes, again, cbo says to the gdp, this is incredible, mike, but they are now predictingar for the united states. that would be like a 40-year record. we haven't seen that kind of growth. so it has to feel, i think for lots of people at the white house, going back to reagan's language, morning in america in terms of this economy about to blossom. mike: lots of small businesses complaining about getting people to actual go to work. how to do you read the latest economic numbers, charlie? >> yeah. well, of course rising wages is always a good, is always good news. but it depends on why those wages are going up. if it's because of inflation as opposed to a booming economy, then you have a real problem. a pretty scary problem, in fact, if those rising wages are entirely because of inflation. and when you have the federal government literally punishing people for working and rewarding people for not working, that's how you get the sort of dangerous atmosphere where you wind up with rising wages because of inflation. and i really do think that, or you know, come election time,

we'll wait for the cbo to decide how thaur going to score them. they're likely to include a little bit of fudgy thinking. >> frankly, i don't mind that. we have a lot of needs in in country. preschool is in the legislation. childcare is in the legislation. care giving, a lot of issues related to children that we just talked about. i think those are incredibly important. that is almost never true in the united states. we have a lot of room to borrow as long as you're using the money well. so that's what i'm looking at. not how much money is it used well? and by and large, the things that it's being use ford, if children is a big one, i think are quite well and quite important and worth the money. >> we hope so. really, you love to see you smiling, jason. it's a good day around here. kelly, let's quickly look ahead to the president's meeting with angela merkel. covid-19, russia, the global economy, a lot of critical topics although germany is really happy that when the president says america is back it means america is back and not criticizing nato

spending and that kind of thing by the way, the assumptions we make are in the middle of the road and what cbo said. >> my time has expired thank you. >> thank you very much the gentleman's time has expired. the gentleman from kentucky, mr. barr, is now recognized for five minutes. >> good afternoon, chairman powell good to see you. thanks again for your leadership inflation is the topic of the day. i want to talk about timing and communitycation of normalization. with the backdrop of accelerating inflation and i understand your position is some of this is transitory and supply chain bottleneck that is could work itself out. i also recognize the slide change in the framework you're working under. i worry if inflation expectations continue to rise, regardless of these supply chain issues that resolve themselves, that you could have a self-fulfilling prophecy and inflation could get away from the fed. my question is given the fact that there is communicating well in advance to make sure market stability and clarnt for participants, i worry these movements in cpi and other inflation metrics in re

when there's an opportunity next week, if that bill is done, the text is written and scores from the cbo, we can have another vote on this. this was totally unnecessary. they know it. it was an arbitrary deadline put in place by senator schumer. frankly had nothing to do with where the status of the negotiations are. >> neil: so your colleagues, ten of them that had been part of this bipartisan frame work to say yes to this plan for infrastructure spending, they argued and i know the argument now for not a single republican vote today on getting to this debate, that nothing was written. there's nothing to score or look at. how was it that they agreed prior to at least the blueprint of this? am i getting that right? what changed between then and now? >> there's a frame work. it's not done. there's no final text. there's no bill to vote on. so republicans were perfectly right in my view, all 50 of us to vote against the motion to proceed to the bill which we haven't seen. it's not been written. when we have something written to review, then i think this process can begin to move forward. m

now, cbo has previously projected that the extraordinary measures could last through october or november. yellen said that there are scenarios where the extraordinary measures could run out shortly after congress returns from august recess this year because of the pandemic and changes to payments and to receipts, it's especially difficult to project kelly, she did urge lawmakers to raise the debt ceiling in a bipartisan fashion but again, treasury will have to report to using those extraordinary measures starting august 2nd >> ylan mui with the latest. thank you very much. >>> speaking of janet yellen and her former job, 2022 is going to be a big year for the federal reserve. it's when most expect tapering to begin, and it's also chair powell's last year at the helm my next guest says his job is at risk mike, it's great to have you i was surprised to see you put this out what are you hearing >> i'm not hearing anything in particular, but we are certainly hearing things publicly from just this week from senators brown and elizabeth warren stating their concerns about how powell remaining

cbo imf federal reserve world bank and others all project we'll reach the highest levels of growth iny four decades and we'll do that this year. and we need bold infrastructure investment to build back better, better jobs. when we ran at 18 and then in 20, we said we were going to lower health care costs, lower health care costs, bigger paychecks, cleaner government. that's what we had set out to do and are in the works to accomplish. jobs are coming back, as i mentioned before. now, as we go forward, it is important for us to, again, have them pass the bipartisan infrastructure bill. as i said earlier, we don't know when. >> you have been listening to house speaker nancy pelosi. any moment she will take questions from reporters and we expect her to get a series of them about what is happening related to that january 6th commission, select committee set to hold its first hearing next week. the house speaker currently talking about the importance of passing this infrastructure deal over on the senate. we'll be talking about that later on in the show. our own leann caldwell made her way

the other half are things legitimate paid fors not necessarily scored by cbo.ld be states that refuse to accept unemployment insurance money. that money has been appropriated, allocated unused. that's a legitimate unpaid for but not scored. these are conversations that occur with myself, josh, house colleagues and senate colleagues. i will tell you, stephanie, me and josh met this morning. we have spoken to our senate colleagues from both parties this morning. talked to the white house, both of us last night. we feel good about where it is at now. >> josh, democrats had said there was no unused covid money. what changed? >> i think when you went through it, went line by line, a lot of investment in the last year and a half and thankfully saw good numbers this morning, the economy, employment down, and the economy is getting back to work. that's all good. there are places in the end didn't need to utilize resources we allocated. we'll put those to work for hard infrastructure. whether that's rail, transit, gateway tunnel in new york, new jersey, water infrastruc

time when we have no idea how to pay for the entitlements we already have first a little bit about cboingle day. very good people, great professionals, they do their jobs well. but their job is to score what is placed in front of them and what has been placed in front of them is a bill that is full of gimmicks and smoke and mirrors. now what do i mean when i say that >> seth: yeah, look at obama's face that's the moment, right then, when he started thinking about his netflix deal "maybe i can get a part in 'loki. uhh, loki, stop with your antics it's time to get, uhh, serious." "oh, sir, that's disney plus." "but he's loki can't he trick them into moving to netflix?" see, guys? two "loki" references in one "look. it was pretty good i wonder if there's gonna be a third one. shoemaker, do you think we'll do rule of threes on "loki" you're useless [ laughter ] our material is getting fresher. next, we're gonna be talking about cryptocurrencies and dogecoin or, as sean hannity called it last night - >> okay, you've been hearing all about it bitcoin. cryptocurrency what is it why is it so b

ashley: the cbo is predicting a major increase in the budget gap. how much are we talking about? white house, the cbo which is nonpartisan, the prediction does not include the infrastructure spending so you can expect that shortfall to skyrocket should more aid be passed. ashley: i would say so, thank you. take a look at the market. let's look at those markets as we head into the long holiday weekend, the dow has been on the same place since we reopened two hours ago, potential of one%, the nasdaq up a 12:45%, on the positive side but a little muted if you like. and their sued by the parents of a 3-year-old boy, third-degree burns after being trapped. it is $0.79. come back in. a toy company making exercise bikes for toddlers. >> the company's little tykes and the bike is, pelican, really cute, they get the tablet stand, the bluetooth speaker and they can take youtube adventure classes, you don't have to subscribe. they can burn some calories. i have made my kids go on the treadmill before when they are too wild, get the sneakers on. ashley: a lot of energy. i remember one of my

it was clearly laid out in the cbo document and it's accurate in the way it described it.g-term problem. >> and so mr. gonzalez, abbvie has been able to grow hue mery into one of the world's best selling drugs bringing in over $136 billion since itie went to market in 2003. can you explain to us how that money has been reinvested at abbvie into19 development of additional medications? >> absolutely. i mean, i think if you look at product like humira, the h on-market products pay for our r&d of the future. we have invested $48 billion in r&d since 2013. out of that investment, we've createdn a highly effective cur for hcb, two cancer compounds that improve survival rates in blood cancers significantly. now we have now created two immunology assets that have demonstrated superiorityy to humira. they're in the process of being launched in the marketplace. all of those things help patients tremendously. it is that on-market product revenue that pays for r&d going forward.raraosntly the system can't work without that. >> thank you both.h. i appreciate the time. madam chair, i y